债券的一级市场供应为何反而加宽spread呢？ increase, 一级市场, issues, market, single

Howd

教材中说，债券的一级市场供应会降低spread，为何在第4册100页的15题答案中，说a surge of single-A rated issues 会导致a widening of spread？ 并且在once the market is cleared of the increase in supply of single A rated issues， the spread will narrow？谢谢！

apf陈老师

请仔细阅读原版书第四本第69页中间的阐述：  
Yet the premise, "supply will hurt spreads," which may apply to an individual issuer, does not generally hold up for the entire credit market. Credit spreads are determined by many factors; supply, although important, represents one of many determinants. During most years, increases in issuance (most notably during the first quarter of each year) are associated with market-spread contraction and strong relative returns for credit debt. In contrast, sharp supply declines are accompanied frequently by spread expansion and a major fall in both relative and absolute returns for credit securities. For example, this counter-intuitive effect was most noticeable during the August—October 1998 interval when new issuance nearly disap-peared in the face of the substantial increase in credit spreads. (This period is referred to as the "Great Spread-Sector Crash.")
强调两点，（1）新发信用债，将导致信用债总体的spread缩小，其实就是信用债总体价格上涨。注意，这个是信用债市场总体，而不是单个个体的现象。（2）这个规律不是普适规律，有些时候市场呈现的是不同情况。
所以analyst对于某个特定债券，当然可以有自己的分析，也就是这道题目中，分析师认为该债券个体，它受到供求关切更明显更重要。

以下是引用mrimer在2012-5-27 9:32:00的发言：
教材中说，债券的一级市场供应会降低spread，为何在第4册100页的15题答案中，说a surge of single-A rated issues 会导致a widening of spread？ 并且在once the market is cleared of the increase in supply of single A rated issues， the spread will narrow？谢谢！